11 months, import-export turnover reached nearly 620 billion USD

Specifically, in November, goods exports reached 31.12 billion USD, down 3.5% compared to the previous month. However, this is the 5th consecutive month that the country's export turnover has reached more than 30 billion USD/month (July reached 30 billion USD; August reached 32.37 billion USD; September reached 31.41 billion USD, October reached 32.3 billion USD).

The above results brought the export turnover in 11 months to 322.6 billion USD, down 5.8% compared to the same period in 2022. Thus, the decrease in export turnover has improved relatively positively compared to the double-digit decline in the first months of the year.

Textiles and garments are one of the export groups worth tens of billions of USD (Photo: Pham Hung)

By the end of November, there were 7 groups of goods with export turnover of 10 billion USD or more, including: Computers, electronic products and components; phones and components; machinery, equipment, tools, spare parts; textiles; footwear; means of transport, spare parts; wood and wood products.

Notably, of the 7 major commodity groups mentioned above, only 2 groups of commodities grew positively compared to the same period in 2022: computers, electronic products and components; means of transport, spare parts.

Of which, computers, electronic products and components reached a turnover of 51.64 billion USD, up 1.22%; means of transport and spare parts reached 12.62 billion USD, up 16.1%.

On the contrary, import turnover in November reached 29.58 billion USD, up 0.2% compared to the previous month. The increasing trend of import turnover is mainly to serve the production needs at the end of the year.

In the first 11 months, import turnover reached 296.75 billion USD, down 10.7% over the same period last year.

Thus, from the beginning of the year to the end of November, the country's import-export turnover reached 619.35 billion USD. The trade balance had a surplus of 25.85 billion USD.

The reason for the consecutive increase in exports in the past 4 months is due to the efforts of localities, the business community and many support policies from ministries and branches in line with reality. Previously, at the end of 2022 and the beginning of 2023, due to the decrease in world demand, inflation in countries, and high inventories in countries, exports were affected. However, in recent months, exports have improved, especially export items with an increasing trend such as: computers, phones, textiles, phone components, wood, etc.

According to the Ministry of Industry and Trade , in the context of low global economic growth, weak global consumer demand, increasing protectionist barriers, and many countries continuing to maintain tight monetary policies, import and export situations in the last month of the year will still face many difficulties. In addition, major economies that are Vietnam's export partners such as the United States and the EU have reduced spending on purchasing common and luxury products, causing the volume of orders to decrease...

To reduce the above difficulties for export enterprises, the Ministry of Industry and Trade will promote negotiations, signing of new agreements, commitments, and trade links, including completing the implementation of the FTA with Israel, signing FTAs, and trade agreements with other potential partners (UAE, MERCOSUR, etc.) to diversify markets, products, and supply chains.

At the same time, support businesses to take advantage of commitments in FTAs, especially CPTPP, EVFTA, UKVFTA to boost exports.

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